Indian millionaires applying for UK £2m investor visas on a decline

India is fast growing to become biggest economy in the world. The number of high-net worth millionaires in India are on the rise, have doubled over the decade. By 2027,  it is expected to triple and India will have one million millionaires according to World economic forum.

For ages, UK have attracted so many rich indians to immigrate to UK.

UK has issued over 440,000 visitor visas to Indians, only second to china but when compared to numbers on high value investor category, the numbers are quite small.

Only a total of 74 Indian millionaires have received UK investor visas since 2009. The numbers declined significantly in 2015 and 2016 with only 4 or 5 Indians applying during those years. Indian dependents received 100 visas.

The year 2016 was at peak with 16 Indian millionaires receiving UK investor visas, since then, the program is on a decline by 56% with indians.

UK voted for Brexit on 26 June 2016 and brexit had little or no impact on those who apply for high value investor visas. UK still remains an attractive destination for indian millionaires.

The UK Home office on Oct, 2014, increased the investment amount for Tier 1 investor visas from £1 million to £2 million, and made further amendments to the investor program such as no loans, no topping, no investment in UK property.

Main Applicants (Tier1)

• 2009 – 3
• 2010 – 4
• 2011 – 11
• 2012 – 12
• 2013 – 16
• 2014 – 8
• 2015 – 4
• 2016 – 5
• 2017 –  7

There were about total 96 visas issued in Q1 2018 for all countries.

Family dependents (tier1 investor)

• 2009 – 4
• 2010 – 7
• 2011 – 8
• 2012 – 18
• 2013 -17
• 2014 -15
• 2015 – 6
• 2016 – 6
• 2017 – 19

According to workpermit.com, New rules enabled Home Office officials to investigate and track the source of funds specified in a Tier 1 Investor visa application. Since the reforms, the number of Tier 1 Investor visa applications has plummeted by 84%, .

A number of Indian millionaires, who have not yet been granted indefinite leave to remain in the UK after completing five years on the visa, are set to face the latest round of reviews.

A Downing Street spokesperson said: “The review is not confined to Russian applicants.”

“It will look at all investors who initially applied before the changes made in April 2015 and who are still in the route. We are currently taking another look at how the route operates and are undertaking further checks on investors who came to the UK through this route before the reforms were introduced,” the spokesperson added.

A record number of Indians have also been obtaining UK citizenship every year. According to latest Home office citizenship statistics,  Indians top the table for acquiring citizenship in the UK.  In 2017, about 16,600 indians naturalized for UK citizenship.

Source: UK immigration statistics